Anand Piramal invests undisclosed sum in Snapdeal
The investment validates ecommerce firm Snapdeal's attempts to effect a turnaround, after it was widely written off following the failure of merger talks with rival Flipkart in 2017
Anand Piramal has invested in Snapdeal in his personal capacity. Photo: Mexy Xavier
Anand Piramal, executive director of the pharma and realty conglomerate Piramal Group, has invested an undisclosed amount in Snapdeal in his personal capacity, the Delhi-based ecommerce company said in a press release on July 23.
“Snapdeal’s sharp execution in bringing great selection to the mass-market segment in tier 2-3 cities has been quite successful, leveraging the growing Internet penetration in these geographies,” Piramal said in the press release. “Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics. With hundreds of millions of first time ecommerce buyers yet to transact, Snapdeal is well poised to grow in the future.”
Founded in 2010 by Kunal Bahl and Rohit Bansal, Snapdeal lost out to larger rivals Flipkart and Amazon’s Indian unit in the race to dominate the country’s nascent ecommerce market. Snapdeal was widely written off after talks to merge with Flipkart failed in 2017. Snapdeal, on the brink, sold parts of itself, including a logistics unit and a payments business, to find the money to effect a turnaround it called Snapdeal 2.0.
